You know I even refrained from saying 'He's Done It Again' Seven Children are very happy. I assume it's a lot more than seven but seven have come forward and shown their appreciation for what I do. That's enough.
the magnificent seven!> I'm working on a special idea for you all but don't have it yet- stay tuned.!
As you can Imagine a number of folks have reached out asking what the market direction is from here. I can't blame them- to have been correct on every move here is is a tough burden to bare. First with a call for 4,200-! And first to abbreviate that a bit to about 20 S&P points above where we are. In our view A) The market has stalled here. B) upcoming earnings are at risk. And you won't have to wait till the next earn season announcements will be made before. We did some work that for us registered 3,800 as a fair S&P price for a mild and shallow recession. We maintain that view. A trading range could very well develop here between 3,800 and 4,200. We do not think we have to re test the lows. Rather we see a prolonged malaise unless something blasts us above 4,200 in which case we would re assess the Bull argument. For now it's too soon. ~stoney